Billionaire businessman and philanthropist Tony Elumelu has announced he will step down as Chairman of the Group Board of United Bank for Africa (UBA) on August 21, 2026, bringing to a close a remarkable 12-year tenure that helped transform the bank into one of Africa’s leading financial institutions.
In an emotional farewell message titled Celebrating an African Institution: My Farewell from UBA, Elumelu reflected on his vision of building an institution that would outlive individuals and serve as a catalyst for Africa’s economic transformation.
“I have never been able to look at Africa and see only borders. Where many see fifty-four separate markets, I saw one continent, one destiny—waiting to be transformed, waiting to be believed in,” he wrote.
According to Elumelu, Africa’s greatest challenge is not a shortage of talented people but a lack of enduring institutions capable of driving long-term development.
During his leadership, UBA expanded its footprint
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